China to REVERSE stance on Bitcoin?

all right guys welcome back to another live stream episode of box mining here it's michael here and today we have a packed episode on what is happening on the cryptocurrency front and as you guys probably know right it's no surprise out there that there is a lot of chatter on crypto going on right now especially stuff that's going on in the bitcoin conference in miami there is a pretty big one right now uh featuring a lot and a lot of esteemed guests i mean i should just make sure i share my screen over here so you have uh ron paul micro sailor jack dorsley from founder of twitter tony hawk nick zabel so this is going on at this current point and i'll talk a little bit about how this relates to overall this market and conditions because for the past few you know past while everyone's looking for this conference to bring more people on board into crypto and hence more interest and if that's a really what's happening then a price to increase during this conference so we see a lot of quotes just like oh you know price of bitcoin increasing just in time for this conference however of course you know bitcoin these past few days yes whilst it's been you know on an upward trajectory like we're gonna see here it's been on an upward trajectory after our big fall over here there has been a few dips i mean especially in the last few hours we'll talk about that in a sec where you know prices have fallen quite a bit so what why is that happening well it does seem to be a phenomenal of conferences when it starts so yes uh that is one key point to make uh note of i've been for me personally i've been taking a very deep dive into what i view has been very important and big contributing factors to where we are today and there's some key points that i'm looking out for you know for me i'm a big hodler of bitcoin ethereum cryptocurrencies vechain and it hasn't been a great ride for the last probably three weeks or so it's been you know uh overall i mean if you tell the story yes i i've entered positions that are much cheaper but also just looking at the market drop and dump were quite concerning and obviously for me i'm looking for signs that the market is going to move up drastically because i believe that the market's not over so at what point is our kind of like break over you know this kind of low phase where there's a very low amount of retail trading this is this seems to be happening across across the border some exchanges i'll show you some evidence and direct responses to that as well in today's episode so a lot of this is my personal opinion obviously i'm definitely you know sharing some of the information that i find important in today's episode we'll also have a special guest appearing too featuring a lot that's happening on the data side of decentralized finance so that's going to be with covalent so make sure you guys stay tuned for that full kind of chat about what's happening in crypto getting data getting those apis done and of course there's one last topic one more china this got me a little bit off surprised by by the way it's phrased right so we know that china has been aggressively pushing down on crypto and china seems to flip and flop between two states either loving crypto or absolutely hating crypto but there has been some signs and rumors so the one that's published today was in a major published publication that's owned by the chinese government xinhua news and they're saying you know what citizens have the right to own bitcoin or what or they can you know it's they can own bitcoin this is a big change from the past where you know chinese have a government has tracked down on exchanges they've also hit hard on otc desks any point of entry into the cryptocurrency market that yeah that that was a no-no but now they seem to be reversing their thoughts so yeah that's our headline discussion today we'll tell you some rumors about what's happening and what's on the rumor mirror what the chinese are thinking at this current point and why next week is going to become a major major major battleground between the bulls and the bears in the space and some of the targets i'm looking for before going well all ape yet again so anyways guys uh welcome to the channel if you guys are interested in these live streams make sure you do click the subscription bell and the notification bell i do a lot more live streams these days it's just much more easier especially the crypto with friends series the reason why um i'll just be honest with you guys it's just because it's a lot easier on me if it's one of multiple people talking and it just makes it easier for me to kind of you know make these episodes up it's it's less it's less work for me to just like make content if i can distribute the work right so that's more coming up more and the reason why also it's good for you guys is because it gives you a broader picture not just for what i think but what a lot of other people are thinking around the space as well so crypto and friends that's coming up more next week so make sure you click the subscription bell click the notification bell if you haven't subscribed to our channel already and also of course if you like content like this smash up the likes of the way to do it and i do have to say that today nate is uh if you guys know nate is a frequent regular and a co-host of crypto friends well he is on an epic road trip so i wish him all the best he's uh he's doing pretty well so far i checked up on him and he'll be returning with us next week so yeah that's the update and guys let's get today's episode started all right all right all right so let's take a very quick look and quick glance on the important stuff that's happening right now so i mentioned the bitcoin 2021 conference is going on right now so it's in miami it's gonna go from the 4th of june so that's starting today so well in a few a couple of hours um you know because asia's ahead so for us it's you know early friday already so um it's gonna start today on the 4th of june uh it's gonna feature quite a few key prominent figures i mean ron paul has already stated that yeah people should have the right to choose and to pay in bitcoin that should be the god-given right um i just saw an article about that so you can probably see and probably reiterating the same thoughts on the conference now this is a very bitcoin focused conference so it's um um you know you you you see the people who have been here much longer in the space and who have deployed a lot of capital here as well so michael saylor being a prime example of that he's deployed billions of capital he's been raising money like every almost every single headline oh he's raised like 30 million again you know uh so yes michael saylor is here there's a lot of investors here um uh anthony pompeano's here vinco boss guys are here so it's a it's a very big talk and there's a lot of talk not just about bitcoin but also about scaling on bitcoin via the lightning network so it's quite a broad conference it's not an ethereum based conference so if you look at the itinerary it's not based on anything about you know what's happening on ethereum or the defy that's going on in fact i saw a topic which is um bitcoin is defy which is kind of funny um bitcoin is defy i thought that was very interesting so a quick analysis of this just kind of shows like this is where the maximus are this is where the true bitcoin believers are and this is where a lot of funds fund managers are going as well to this conference so this is why you know a lot of people were looking for this to push up the price of bitcoin now that being said of course right so the reasoning behind this is that this these big people are going to make big statements and this is going to bring people into crypto however of course bitcoin did take a a dump um so just recently just past few hours bitcoin fell in price we were kind of in this upper channel if you guys uh saw so it could be caused by a conference it could not but i just have to do a reminder once a conference or event starts um and this is a phenomenon i've seen uh over time um there's definitely no scientific reasoning behind this not financial advice but once a conference starts for some reason it seems like a lot of times the prices do fall quite a bit so i've been in quite a few conferences in 2017 2018 2019 and it almost seems like every single conference whether it's consensus whether it's a conference in korea whether it's any big event that happens with a lot of major crypto people there it seems like prices tend to fall i don't know why it's like you could explain in a million ways you can make up a million reasons maybe because you know these big supporters of bitcoin they're not around to buy any potential dips or whatnot but it does seem to be the price the price volatility does get a lot higher during this period of time i almost always feel like every single social event that was at a conference had you know major crashes in bitcoin and the only conversation that we're having is oh my god how much is bitcoin crashing today you know i just looking at phone oh my god oh my god it's like 20 so just be careful about that guys you know sometimes we see that on a lot of crypto media oh my god you know crypto is going to move because of bitcoin miami yes there's going to be a lot of people who are going to believe and figure out uh what bitcoin really is but at the same time that doesn't mean a direct consequence for what's going to happen so just just be careful all right so um that being said as well um i just want to say something very very quick so yeah obviously they're saying that um on coindesk that the market's losing steam right now i don't really believe it's a situation of losing steam but rather it's a situation where there's actually very very low trade activity and you can see kind of how the exchanges are kind of responding to that so we have coinbase they're giving away 1.2 million in dogecoin and something that we said all right on wednesdays we saw coinbase listing dogecoin right and uh we're like oh yeah coinbase wants to get a slice of those trading fees and that's exactly what they want to do right you see that after coinbase went public their prices the coin coin prices the coin prices have been falling right so their share prices have been falling and they really need a boost so they're really trying hard to capture the retail interest they're really trying to capture that retail interest let me just make sure i can search for that well oh that was kind of a good comment i i was discussing with a few friends like oh what's coinbase's strategy here it's like yes it's absolutely to increase the amount of retail of interest by the re by general retail you see coin coin right now it's like falling down to 233 dollars and what they need is they need to report some good figures too right so think about it they reported some really really nice figures nice looking figures for q1 of 2021 and they want to show positive growth right that's kind of their objective they need crypto yet again it's their company objective right now so make sure that the number of the amount of trades on their platform increases the amount of interest increases and for sure you know after crypto prices dump and we've seen that as well where there's far less material right now on tick tock i've been doing a lot of social media analysis both tick tock trends are down like for talking about crypto a lot of people being hurt by those dog coins by the meme coins so coinbase is kind of just like doubling down on it you're like yeah you know what we're gonna give away you know 1.2 million dollars here just to just to see if we can you know re-stimulate things a little bit and you're gonna probably expect more to come this is not just what they're doing like this is becoming very clear and apparent their strategy so you know on my on this channel we never take people's words for value but we take people's actions right and coinbase's actions here is very clear they want more retail interest they want to reignite that flame for those dog coins for meme coins for general interest and they've identified that memes were one of the biggest ways for people to you know come into crypto to know what's happening so yet again you can see that they're doubling down they want to get good numbers for q2 q3 of this year they want to have a lot more trades they want to target those trades and kind of re-stimulate that so i can kind of see that this is part of their corporate strategy and this is going to be interesting to observe in the next few weeks like what other strategies will they deploy to kind of get more interest into people trading crypto all right we got crypto or us is michael i have an urgent question is it safe to ape into super shiba like i don't touch i wouldn't touch any meme coins right now i'll just be honest here uh and if people are saying that's like fake crypto or us but yeah like uh guys guys guys let's be reasonable not financial advice but i'm not personally touching meme coins for the time being i feel like you know there's just no reason for me to do so like meme coins were a great way for people to get interested in crypto but for me personally what's most sexy is where the money is at right like people you know you like memes great but if you also want to figure out where the money is at well check out crypto fees right if you look at where you know last seven days of trading look at uniswap literally generating two million and um version three is generating 2.5 million dollars in trading fees you want to know you want to know what's sexy that's kind of sexy right there so yeah that's where my interest is at that's where i'm very very much pushing my um pushing and figure out what d5 protocols are really great at this current point what's happening on this current space because i feel like if this space can generate value right and this is this data is the last seven days remember as well and you just have to think of how phenomenal this is right a small team of less than 20 people write something like uniswap right very very small team and they can generate huge amounts of revenue in terms of fees this is insane if you think of the banking sector you'll need thousands of people to be able to generate this type of weekly kind of fees on a platform this is ridiculous the amount of scaling that can be done and the amount of disruption that can be done in space it's absolutely insane so again i know i'm a little bit long-winded here but my response you know my interest definitely in the d5 the the where where the money is being made in this current space and you can see the other protocols here as well where you know sushi eva quick swap maker dow they're all generating a huge amount of fees even in the last seven days all right we're gonna do some lightning rounds here so i'm just gonna talk about the markets overall i'll talk about my strategy as well so we talked a little bit about bitcoin yes we're gonna take a hit and i do expect some volatility in the coming few days especially with bitcoin miami running uh that could you know be volume up or volume down especially if you think about it when the major biggest buyers are at a conference they can't exit your orders for buy or sell right so i think this is where you can expect some volatility on the markets it could play down it could play up but in a past experience i've always been careful during the days of the conference when you know things could go down drastically now we also have i'm also eyeing ethereum at this current point so ethereum for me personally it's been sitting in this golden cage for a while right so ever since the 24th of may what's happening with big bitcoin is bitcoin's been moving up a little bit but ethereum's really being sat here and it seems like every weekend stuff happens all right so it always seems to be the case that weekend we do have a minor bleed out and during the throughout the week it goes up which is a very interesting trend but anyways i won't go too much into it but i do i'm preparing uh we're seeing if there's going to be low volume so one of the explanations for this has always been that on the weekends yet again the institutional investors they don't they're not in this space so what happens is that the volume um the volume decreases and if there's any fear and certain of that is there any fun in the market well those dumps are going to greatly affect and move the market down so that's kind of the fear and the philosophy behind the last two dips in this space on the weekend but however i do have to say that you know it's very rare that lightning strikes three times right so yes this time i'm preparing for a dip on the weekend but yet again i'm i'm a little bit more cautious this time you know it can't be that easy right like this is this will be the third week in a row if this is the case that crypto falls on the weekend so anyways um i'm making the necessary preparations but i'm also remembering that it's very rare for lightning to strike three times in a row on this point so yes i'm going to observe what's happening on eef now these two big coins really decide how well with bnb as well a full coin gecko up here so for me right why i take uh why i really observe these big coins a big the majors during this time because it dictates the pace of the rest of the market right because if the market moves up well the rising tide brings up all ships but at the same time if the tides don't rise well there's going to be very little interest for the altcoins so that's kind of the theory that i'm subscribing to here for myself personally so at this current point what am i looking for well i'm eyeing a lot of d5 projects very keenly why is that because if i do see ethereum breaking past 3000 right this will be a big big indicator that things could potentially move up again so i'm what i'm observing for is we see the resistance for ethereum to be around 3000 and once it moves above i i'm personally set my setting up objective of 3300 this is when i'm going to aggressively go into both ethereum and the ethereum ecosystem so i am other narratives as well so this is personally for me what i'm looking for what i'm watching out for so yes i'm preparing at this time to just dig a bit more i have capital and i have to deploy at this current point i'm waiting on the sidelines a little bit and just getting ready getting ready i'm eyeing can ethereum break past and i don't really see if you're breaking past this weekend i'm seeing that for mostly for next week if ethereum can break past three thousand dollars that's it that's it all right so that's that's when that's that's when everything's perks up um we got a comment from mtmd says i listened to a podcast where the organizers of the miami conference mentioned that the way that he chose the speakers was by making sure they didn't ever speak about ethereum man the amount of tribalism in the space is just insane and i feel like it's kind of a missed opportunity i know that there's a lot of legitimacy in these bitcoin conferences but at the same time i mean like come on guys this is like child's play this is like literally you're behaving like three year olds at this current point right like come on come on come on anyways guys so that's what i'm kind of eyeing i'm gonna go very lightning fast through today's news as well i actually got quite a few uh news prepared for uh you guys here so first and foremost we got google google they're clarifying the ad rules for cryptocurrency exchange wallets so apparently exchanges need to reapply under the new rules this year so we might see some disruption for g google apps for certain wallets or exchanges if you know they don't submit the documents fast enough but it seems to be the case that google is you know they're they're responding to the crypto market now there's also another google related news up here i'm just gonna throw that up very quickly let me see that um where is that it's related to oh this one yeah so this is kind of um i kind of see this is a missed opportunity so apple co-founder steve wozniak right he sued he filed a lawsuit uh against youtube for the use of his image in the promotion of fake bitcoin giveaways and this is just a plague right now though so it's not just about steve wozniak but i've i've been a victim of this myself i had my interviews with cz basically what hackers do is they take my interview they broadcast it without permission and pretend it's a new live video and what they'll do is they'll buy a lot of fake views onto that to kind of prop it up to make it seem like this is happening right now and they'll tag on a giveaway as well they'll be like oh yeah this is a major new cryptocurrency giveaway and uh you know send us two bdc one btc 0.1 bdc we'll give you back double and you notice a scam because there's no free lunch and the moment you send one of these scammers or these giveaway holders any sort of cryptocurrency they'll just steal it right you never get anything right giveaways never involve you sending them stuff in the first place i don't know why people fall for the scam but anyways um i was actually quite um eyeing this very closely because i really want youtube to find a way to stop these fake giveaways it's it's a plague um it happens with like a binance giving away bitcoin or uh coinbase is giving away give coin or the winklevoss brothers is giving away bitcoin these scams are very prevalent throughout this entire cycle and yeah apparently uh uh apparently the california court has ruled in favor of youtube so sucks i mean honestly youtube should do a lot more for this all right let's go quickly um mike novogratz back from they announced a 100 million dollar crypto venture new fund expected expected uh more new money coming to crypto i don't think that's that side has been phased a little bit we got miami mayor bought bitcoin after congress passed the 1.9 trillion dollar stimulus bill so now we know who's buying now we know who's buying and it does seem to be the case that there's a lot more push for that now um we also have norton so apparently previously norton was flagging ethereum uh miners as a potential virus but now they're not doing that anymore so that's actually pretty pretty good news if you want to get into the mining scene it's actually pretty much a little bit easier we also have gutterheim's new farm uh fund may seek exposure to bitcoin sec filing shows and we we seen we seen we we're seeing this right so i think this all this is related that now that you know bigger bigger funds bigger investors politicians they're getting into this whole cryptocurrency scene and yeah this is happening this year and if this is not you know something big i'm not sure what is we also have the olympic committee to launch official nft pins for upcoming games oh they're catching on to this whole nft trend this is the biggest biggest biggest movement in art why is because there's a lot of money here and there's a new way a new revenue source for both artists and companies so yeah uh that's great you know i think i think this is going to get a lot more people into understanding crypto as well on the fun side as well we also got kusama so it's up here um the kusama guys have attracted a new investment um called master ventures uh it's an asian blockchain incubator that's going to announce 30 million dollars to fund kusama stuff so yeah yet again this is pretty it does seem to be the case that right now in the the the investment side circle that um uh it's it's it's a case where yeah more and more money is floating back in and that's pretty awesome and it's a lot of people aren't really deterred by the fact that bitcoin moved down or there's major losses they're viewing this as an opportunity to either buy or observe the market which is what's happening right now so we're kind of very fast finished we got some also some all quite new so you guys are interested in outcome finance they finally started the liquidity mining for their outcome if pair all right so previously is outcome usdc pair you guys know i'm in the project they're basically incubator for cardano based projects there's a launch pad for cardano based projects i actually really like mark to be honest there they're doing their uh it's actually quite a very strong apy which is 250 but i do have to warn that for all these liquidity mining apys you're exposed to the first um the coin so make sure that this is something you want to do now we also have so this is the whole event that's coming up they're having this new pool they're putting pool in v3 as well for uniswap and then they have the interface as well for that so if you guys are interested in outcome finance and you do want to support them and also earn some apy well check out the link down there uh that being that being said of course i am an outcome holder i do what i do want to support their project i think they're doing something pretty cool as well up also on all coinsite news we got the trust swap they have a secret i'm not sure if i should so supposed to show this let me go very quickly so team that they have a soft launch for the mint feature which is something that variant hyping up about quite a bit and the soft launch is here already so finally i think a lot of people were they were wondering when it's going to come up but it is it is happening it is happening so we have let's see see if i can show you guys just give me a second give me a second to load everything all right so yeah so the mint feature is coming all right it's it's coming very very quickly i'm going to test it out over the weekend this is something that's my my weekend objective this week and yeah i'm actually really happy because finally it's got a little bit delayed and i think a lot of people you know people who aren't used to crypto they see delays coming up and you know it's it's it's bad right so uh but if you're in crypto and you know you know delays are pretty much part of the game anyways oh we got nathan joining us so uh let me just welcome nate here uh hey nate how's it what's up man how's it going uh i'm alive how's your epic drive it's good i'm in amarillo right now um i was on the road and just like hopped on the stream and then the community was like yo hop on there and i was like dude do you guys really want me to hop out with crappy internet and they're like yeah so it's actually really good internet seems looks good man that's good yeah so so you've been you've been driving for a long time huh yeah about uh nine hours today so you should have driven to miami yeah well it would have taken me like three days to get there but i guess yeah well you know you gotta do what you gotta do for bitcoin right anyways oh it's great it's great man so so how's everything else man are you are you waiting are you waiting for this market because uh right now you know you gotta get back home to buy your bitcoin right that's that's that's your that's your overarching objective right yeah how many miles is that like 700 mile journey or maybe like a few thousand miles journey that you're on i think it's like 1500 miles or 2000 something like that um 2000 mile journey tomorrow tomorrow it's another like nine hours and then the day after it's gonna be like seven hours so two more days to go and i'm gonna just get in there and just try to try to buy a bunch of bags and figure it out yeah man but are you excited for any of the news today like um it's it's been quite a lot actually i feel like a lot of people are on the sidelines but you know i feel like this is a time where i think maybe the weekend is not a time where they're gonna see stuff but next week is where it's gonna really heat up yeah i think i think it's gonna heat up i actually i actually wanted to know what's going on with the market so i tuned in to your life because dude i've been on the road all day like no internet and so i i don't even i don't even the price is there right now so nice nice nice awesome awesome uh i'll give you um so so what we'll do is we'll open up today so we also have eric from covalent waiting in the back room we're actually going to take a look at what's happening on their side because there's actually a lot to talk about as well in terms of what's happening with defy and what they're doing so let's go bring up eric so we have eric here is he ready we're gonna see eric hey eric how's it going what's up boys how's everybody what's up man amazing man amazing so i i'm sure you caught up the first part of the episode where we talk about everything else that's going on here and apart of course on the news i i guess just giving you um an opportunity i i guess like why don't we get a quick introduction of you know how we got into the space and you know what you're thinking right now that's an awful question uh i open-ended question it's an open-ended hey yo just talk about yourself question that's the let's see like remember when i lost all that money question uh it does i got into crypto years ago i used to have a music startup um oh yeah i saw your guitars i love that thank you yeah i'll next time you're in canada we'll jam we'll jam uh yeah no i had a music startup and we needed to solve a royalty accounting problem and as boring as that sounds music royalties are a giant problem and it's all mixed match data and not everything is readily available so i tried we tried to solve it and one of my friends said you should check out this blockchain thing i think you can use a blockchain so i said all right i i checked it out turned out to be a something that was really interesting heard about this bitcoin thing this was like 2013 2014 oh man that's lucky yeah yeah went down and went down a rabbit hole uh bought some bitcoin forgot i had it for a very long time uh turned out to be a really good idea to have bought that um blew up turned obviously we all know what happened 2017 2018 bull run uh and then the correct correction uh started some companies some stuff worked out some stuff didn't and then um i knew i knew the guys at covalent and i remember meeting up with ganesh so uh ganesh is the ceo and i remember meeting up with him and we're sitting down and grabbing a coffee and i said to him what are you doing and he says i'm going to take every piece of smart contract data and put it in a put it in a database and i said who's going to pay for it he says i have no idea i said when's it going to be useful he says at some point i'm like when he says i don't know he says but i'm going to build it and somebody eventually will need this if it works really well and i was like all right man you do you and then you know here we are you know three years later things just happen it's crazy and wow that's that's a lot of foresight as well because it's one of those situations where i think three years ago right we didn't have decentralized finance we didn't have everything interacting with each other and the necessity for these contracts to get this data right so i think you're absolutely right like you know like back in the day i think three years ago i i would be like yeah you're crazy too like you know why even spend time on this dude it's like but i think that's that that is definitely a lot of foresight because now coming to where we are today you know i was showing these figures for you know how many how much fees is generated in defy overall right like it these numbers are insane right these numbers are clearly insane a huge amount of numbers here i know we also have the amount of money flowing into decentralized finance and amount of money being locked in these protocols it's getting it's going up and up so i guess did you want to talk about what why that's useful i guess like give your perspective of why kind of this data is useful what's happening here yeah so i give i guess i guess i'll give a bit of a background of what covalent is for those aren't familiar so covalent isn't just data it's it's a data infrastructure layer right so if you want to pull large amounts of on-chain data and i'm not saying you know transaction price data like you could pull from finance but smart contract data so if you want to pull let's say let's say um you want to pull balances from uniswap over the last you know 500 000 transactions see what the average dollar value of usdc based on that is you can do that we have we have everything so if you want to do your taxes and let's say you want to know all what it's like going in and out of uh in and out of uniswap various pairs right you can't export a csv from uniswap you can do your taxes using covalent as unsexy as that sounds um if you're building if you're building dashboards or d5 dashboards or anything where you want to know what's happening on chain and any d5 pro and a lot of the d5 protocols on the chains that we work with uh that data is available you you can pull that right off the bat there's there's it's just amazing like there you see so much stuff happening with d5 and so much stuff happening with nfts um there's just there's there's just a wealth of information just figure out what to do with it is almost the hardest part so like we could talk about d5 we could talk about a lot of things we could talk about anything because because we have all of the data that's happened on a lot of these blockchains like you want to talk about polygon we have all the polygon data avalanche we have all the switching phantom ethereum binance smart chain uh we've got a lot and i think i think fitting this story is very interesting because you know back in you know three years ago i think this data wouldn't have been very valuable but what like i have alluded to this or what's changed but can you give some examples of why people want this data you know um how this could be used and you know why does this worth a lot of money absolutely so there's so there's there's there's you can take like anything you could think of where you would need where you need smart contract data or on-chain data right so example if you're a blockchain and you want to know how many wallets are being created how much is stored in each wallet how much what is what is the total value locked for each wallet what tokens a wallet has these are all things you can do using covalence api we give you all the data and it's up to you what you want to do with it if you want to take if you want to look at historical price transactions you can do that there are companies using covalence api that are building nft wash trading data so some nfts you'll see where the price will go from the first transaction price will be 0.1 e the second transaction 0.3 e the last transaction 1 e if you think 1.2 e is a great price to pay you pay for it and guess what that's just been wash traded all these times and it's actually we're not worth anything and nobody wants to buy it right so these are things you can build because we just all you have to do is ping it into the database and see what that is so i think covalent is really cool in that regard that it's not just it's not just providing the data it's what people can build from the data and i think that's one of the big things that's missing from crypto because getting data like crypto generates so much data but it's not necessarily organized or or or easily accessible yeah and i think i think so you know first things like wallets and stuff are it's important for that to pull data off and to get that but i think eventually you know as as d5 builds up every single product will start to need to access to have data right because they need to know what's being traded what's what the opportunities are and we're seeing the rise of a lot i i i kind of feel like this whole infrastructure is being developed and data supplies everything here so who are you working with right now like who's using that data right now do you have the statistics and what's happening there we've got over 200 projects that are using covalence data um from anything from people building nft dashboards to hedge funds who are running or in d5 who need to do their taxes we're seeing uh you know a lot of wallets who are using us who want to who want to pull multi-chain assets you're seeing brands like like zero x so like their matcha product is a pretty is a pretty well-known product so they use covalent because instead of setting up um instead of setting up additional infrastructure for for when they want to do multi-chain they just it's the flick of a switch right like they just pull the data we already have it all so uh i think they use us for i don't know what chains they use for they use for for for some of the i think it's the bsc and polygon which again it took them all five minutes to get going so there's a lot of different products we're using us there's a lot of research projects a lot of universities um anybody who's just trying to learn something or trying to ask a question on chain like there's there's so many and then for some of the other blockchains like i know the bsc team uh from what i've been told and the conversation are pretty heavy covalent users because they want to see how many wallets what are the most active protocols what's happening what's the total about what's the total value log per protocol right like there's a limitless amount of questions you can really ask if you know if you know what to ask see okay so in that case you're you're building a whole ecosystem out here right you're and you'll have an associated coin as well so the cqt token so so how does that bring in like you know now now do people have to pay your token to get data how does that work that's a good question no uh total opposite the cqt it's more like it's uh the way it works is we realize that when you so how does this let me take a step back most everyone on our team has built a business at some sort that's at some point in their life like we've got a lot of entrepreneurs so the first thing you realize is that putting a payment token in the way is just bad business it's not going to work try going to you know amazon or try to go to a big company and try to say hey guys here's this token you need to buy a ton of it and it's going to go up and down every day and that's how but this is the only way you can use our product they look at you like you're crazy they look at you like they're you're insane nobody wants to talk to you they shoot you out of the room and they say you scare me and you're you're you're you're crazy person go away so we uh we realize that the only way the token is going to work is more on the back end so the front end of the network is all funded in usd so if you need on-chain data you go you take you you you you lock up some usdc or some usd based coin uh and it draws down and it does it does a market buy then on the back end there's a variety of validators who are set to actually um who are set who are set up to run decentralized infrastructure who will actually be fulfilling queries on behalf of uh on behalf of the people on the dabs or the apps or the projects that are that are requesting the data so we're taking we're really just taking our stack and we're just decentralizing it we're just splitting up the back end okay okay but but but in that case yet again so so okay so so i brought the api here because you know i've been actually doing a little bit of work on the development side so okay so i can get a free api key all right i can use that to call data um and i get you know uh quite a lot of data actually like transfers etc what's going on but how do you charge me so um i guess uh let's say i my my bot is just like you know observing wallet transfers and they'll target me like every five minutes right and then we have a bunch of queries how would you charge me um and how would this relate to the token and the whole ecosystem that's a great question so right now it's all free we're we actually had a revenue model we actually made a lot of money um we have we charge enterprise like consensus with consensus paying money coin getco we had a lot of customers so anybody who needed defy or on-chain data was just they said hey i have this project i need to use it or i need i need this data it was build versus buy and everybody said this is just this is awesome we're just going to pay you money what we decided was let's just double down on the api let's open it up let's let it be free for the next little while for the next year two years however long it takes to bootstrap the ecosystem and then once you see you see thing projects start to really take off then you can go back and then you can start charging the money but i think the problem is i don't think a lot of dApps of product market fit so why are you going to go and start trying to charge people obscene amounts of money up front when they when they can't do it and even then like the whole point is we need to build out the network infrastructure to be able to start charging so like the front end the product works does everything we say it's going to do um on the back end we're just going to instead instead of going charging people and spending time working on a pricing model we're just going to build we're just going to let people adopt it and then uh more and more start to continue to centralize and over the course of the next one and then once that's done in order to compensate validators that's when you really have to click on switch got it got it yeah because i mean go on nate quick question yeah so it's also a question that the chat just asked and i was like okay well we all have the same question uh like angela and nerd flick now also asked is the name covalent from covalent bond like from chemistry the sharing of electrons and blockchains are sharing yeah because we're binding databases yeah we're binding data we're binding date we're binding yeah we're binding databases of blockchains and that's sort of it like we are we are the bonding agent that brings them both together nice dude that's that's great um and then also um so you guys are essentially are kind of like decentralizing big data but for blockchains in a way so that's right like google trends you can search for whatever what people are searching for and it gives you all the analytics but you know strictly for blockchains or something like that no that's exactly it but the difference is we just give you the data like google data like google trends somebody built somebody at google built google trends we're just saying hey guys here's all the data what if you want to build a trend if you want to build some sort of trend dashboard go for it we'll we'll help you do it or we'll help you do we'll give you the data you need if you want to build if you want to build some wallet that has all that pulls all sorts of crazy crazy balances you can build that i have a buddy who built something that blew my mind and it was he basically started risk scoring liquidity pools because he didn't he was sick of putting you'd see you'd see lp pools right that would say there's oh there's 10 million 20 million dollars locked so he so but he was always he's like he kept saying i'm sick of getting burned when i put money in an lp for when i put money in an lp pool and then it just happens to be that 20 million dollars is like three people and they all pull it out and now i'm sitting there and i'm not making any money so he he pulled all of the on-chain data looked at all of the pools and started risk scoring all of the pools for himself and then started sharing that information with people but he built that all using covalent which was which was really cool because i didn't even know he was building it until he told me about it whoa so like if so if somebody else started a pool and there's like they're the whales right so obviously you want to avoid them so if there's like only a few wallet holders you're just like all right well i'm out you know exactly but like most pools don't show you that like if you go on any if you go on anything if you go on uniswap it'll show you the total value locked it'll show you the size of the pool but more often than not it doesn't show you how many people are actually in that pool so he started building it with like with like taking all of the data and then looking at the um just build it just building charts like circle charts you could see the size of the whales in the ground like better in each one dang so where do you guys store that well the data is stored on the blockchain but do you guys pull any other like is there any other additional data that you have to keep actually the data should not be stored on blockchain right that would make it like it's too it's too slow for that right yeah it's true we don't we that's the thing we just take everything and we put it in we put it in centralized storage like it's just in aws or it's in or it's in a google cloud that's all it is like we don't write to the blockchain we just take everything and it's a mirror it's a one for one mirror and we do it in sql because sql is the oldest database language and it's probably the most boring database language like it's just been there forever right it's not going anywhere so but like we're just we're doing the classic entrepreneur thing which is take something new and make it and merge it with something old something old is sql it's been around for 40 years it's just not going anywhere and something new is crypto data the thing is like you know we've just spent three years getting this right so we actually know what the market needs and you know you guys sort of have to build the best product of where it's going to go yeah yeah it makes sense because i mean i talked a lot about um you know various uh because both coin market cap and uh coin gecko they have a lot of data and then people pull data from them and they can charge a lot of money for that right and this is just kind of taking that to the next level where you have on-chain data as well so i feel like that's going to be the next analysis big analysis trend right where uh any sort of analysts they need to pull on-chain data get that information and they need to do it fast and reliable right that's the kind of the two and cheap hopefully but uh definitely the keyword there yeah so so okay so so you're building out the ecosystem people can use it right now right so if if you're a developer they can get a free key um and then the the ecosystem itself is also being built out right so what's what's the status of everything well the network's live like you can you can use the product we've got like i said hundreds of projects that are live we do a lot of hackathons we're pretty aggressive in the hackathon space because we just want more people to build it we're inside we're we're agnostic to which blockchain wins in a lot of ways like we're all everyone you know we started with eth we've cut our team to evm we know that space really well that's why we know matic we know polygon i know we don't we know polygon we know bsc like anything that's built on an evm an ethereum virtual machine we we get i think we're we're really we're we're starting to see where the ecosystem goes and like how we're going to build that out but we've we've done really well on um on building a solid community like if you go on our discord there's there's like seven thousand eight thousand people there a ton of developers there's a ton of um data scientists we're really just trying to teach people how to use data the value of data and what they can do with that's really what gets us up in the morning gets us really excited and because we're sort of agnostic to the because we're agnostic to the blockchain it gives us a bit of an advantage because we're not betting on one d5 protocol to win we're not betting on one blockchain to win we're not betting on one project we're betting on the whole ecosystem tool so as long as d5 and nfts and blockchains keep growing and keep coming online i think we're we're in a pretty good position we're just cheering everybody on uh as long as they're using our data right so we're we're we're pretty neutral to that so that that's why we're just trying to say okay well instead of looking at building projects on a on a specific blockchain how do we how do we incentivize people or give people ideas to build more data projects because what we've realized is when you talk to people outside of crypto they want more data on what's going on in crypto so if we can train people to come to our ecosystem or use to actually build stuff of that out and like come up with projects or help them get projects off the ground like there's no limit on what you can do and we've seen people build some super cool stuff already so um we're just trying to we're trying to we're trying to get as many data scientists out there as possible and teach people how to make how to pull data awesome so if you have data scientists and if you guys have a lot of time over the week actually it doesn't really take much time if you if you actually know how to communicate with these api endpoints it actually doesn't take too much time so if you guys are interested check out covalent i'm actually just like i'm actually scrolling for what they can do so uh that's my subconscious thing so yeah so guys check that out uh check out their into queue system also i guess the final question i mean i think you guys get compared to the graph quite a bit right so for people who have been in a space uh you know how are you guys different from the graph how are you going to be competitive versus the graph oh that's a good question um so i think it's a very different approach to the market right like we optically at this at the high level we're we're very similar uh we're very similar in how people perceive us people are seeing this as a data layer but i think fundamentally it's an architectural question it's an etl pipeline versus elt pipeline so for those who aren't familiar i will give you just a really simple explanation so with the graph think of it think if you want to build a sub graph as like taking an excel sheet right you have to take an excel sheet you have to format it edit it figure out where your the inputs are going to go um and do a bunch of work before you start importing all of the data right so now you start importing the data you save it to your desktop let's call this file i don't know it's called balancer right that's balancer it starts importing all the data uh from from the blockchain that's that's this one excel file if you want to do it again let's say i say okay now i want to do this again and i want to do it and call this next one i don't know uh uniswap i have to now take take take all this data edit it start and then start exporting it from the blockchain it sits on the desktop those two files don't communicate with one another they're totally it's like think about two excel files they don't ever communicate with each other they're just totally isolated they sit there they both have tons of data about the dap or about that specific project but they don't overlap in any way shape or form so now let's say if you want to take that same balancer or you want to take uniswap and you want to put it on another chain you've got to once again take another sub graph do the whole process over again it might not be as different but there's a lot of different things because no two blockchains are the same with covalent think of covalent like one massive excel sheet with billions of rows and billions of columns just full of on-chain data and all you're doing is pinging is is pulling from those individual cells right it's just one giant spreadsheet that has all the data so for a developer or for anybody else it's it's very lightweight you don't have to build graphs you don't have to spend a week deploying anything um there is just a lot that there's just a lot that it just saves you a lot of time uh i i know i know one project who will go i will who will go unnamed at this moment well they reached out to us and they said man if we knew about this this would have saved us hundreds of hours hundreds and more like it would have saved a hundred of hours of upkeep and just getting to market so it's just crazy to hear things like that yeah i think it's a situation where it's like okay what do developers prefer and it's a situation where you know in tech there's definitely um different preferences but the preference for here is it's just super easy right because you can just specify what data you want to collect and just ping the api and they got it right instead of building the subgraph so i mean that's awesome and i hope that goes really well with you guys as well like definitely if you guys are interested in both developing or learning about the ecosystem uh if you want to learn about the ecosystem eric uh what's the best way to do so uh twitter discord uh we also have this thing it's called alpha alarm this is pretty cool uh i'll share i think i shared it right here i shared someone else you can share a screen you can always share a screen uh you guys you guys can poke through it here i shared it in the the price um so yes guys yes viewers there is a private chat uh super secret um no it's this thing that we put together that it actually started really fun way it was um this started as a an argument internally so we could solve all of our own internal debates of what's happening on chain so every all of these charts and all these graphs and everything you see here is actually powered by covalent all of this is pulled using our api so everything here is 100 from us they they some of these are things that we were having internal arguments with some of it was you know some projects were saying hey guys can you do this homework for us and we just started placing bets and seeing who was right uh and this is all built using us so this is all stuff that we we're really excited about and happy to promote so if you want to just see and get some insights for what covalent can do without even getting involved or or uh or using the product this is this is a great thing so follow this account if you want to get more involved um and actually start building go to covalent covalent hq.com and follow us on twitter um or join our what we're calling the alchemist program and you know we'll teach you some data science and get involved and start making some stuff awesome awesome awesome thanks man thanks man i think it's quite it's quite interesting because now i feel like this the structure is being built up and a lot of people have the opportunity to explore so if you guys have any background um in programming um take a look um and also the whole infrastructure if you guys want to participate in their kind of ecosystem take a look as well so yeah i'll put the links up there the alpha farms up here as well so that's quite a lot of interesting data as well being pulled so you know uh pay up we can probably see who's like who's dumping during the miami conference and see which whales they are that's a good one it's like i just had a comment i saw from uh comments before they're like oh they're sick i think a lot of people are sick of elon's tweets so tweets so we have like jacob from twitter saying michael how you saw elon's tweet right um and and i feel like so sad that we have to like you know the thing i've always said about elon is expect an unexpected person to always do the unexpected right that's like okay shameless shameless knockoff of a pirates of the caribbean tweet but he's got the bitcoin heartbreak um and and for him it says does it even matter the lincoln park sound so a little bit quiptic but apparently people are dumping because of this tweet oh man well people don't based on well like i mean they'll dump on anything right and we can say it is elon but like it could also just be bitcoin miami it could also be the fact that i'm driving eight hours a day it could be like it could be man i think there's too much emphasis being placed on elon right yeah i feel like it's a situation where like everyone's eyeing him because they believe that he was the one that got bitcoin popular but he's not right he's just like a part of everything i mean he is a big part of everything but you know i've come to a point where i kind of just ignore everything that he's saying at this current point it's just like he's so eccentric and erratic it's just like that's a part of him right maybe tomorrow he's gonna post like this one is actually funny this is reply i miss you why are you crying because i miss you too he's just like he's just crying he's got a wreck he's just like baby oh my god oh my god he's he's it's like he's just crazy because he's at a point where he clearly doesn't care he's just like this is this is what i'm doing he's like you you guys can do whatever you want interpret whatever it is like he can dump the market but he can pump the market like he's just sitting there bored building his rocket ship in in his tesla self-driving himself around miami probably taking pictures or doing god knows what yeah and we got alan the same thing whales drunk in miami elon tweets weekend recipe for further downslide this it is something i'm watching out for um you know like it is what it is um but i did that i did say at one point you know it's hard for lightning to strike three times in a row because every weekend we got a dip this will be the third weekend if that is the case so i don't know it's hard for lightning to strike you know well so i'm looking i'm like i'm like hopeful i can buy so nate when you get to when you get to cali it's been like three weeks so the story here with nate is that you know throughout this whole entire dip he's got his ledger back at home he's been traveling so he's he's he's been waiting to buy and it's been three months three weeks right so it's been three weeks so nate you know good luck man good luck good luck it'll be we'll confirm this theory because the theory ongoing theory is that nate's holding down the market he's like holding down the market so he can enter but you know if you can buy that means that theory is true if you can't buy it like if bitcoin shoots up right before he gets home like he's like running to his ledger in slow motion and then like bitcoin's like and like oh that would be that would be the best or the worst i don't know that'll be funny though at least it'll be funny all right uh um uh we got a nerf flicks announces the market is waiting on you nate gotta get back home get it back home safe nate go back home safe uh thanks back from gill says why does he need a ledger to buy i think his funds are in this ledger so yeah yeah i have a little bit of like metamask and you know yeah it's brutal yeah the cosmos extension says hopeful market hopefully market becomes more resilient to random tweets um i hope so too i think it will i think well i mean crypto has been the most resilient thing i've ever seen you know like can't kill it that's true you know that is true that is true i mean eric how about your side did you guys discuss a lot about the current goings on the market are you guys more just like heads down no man we're we're like i i you know andre from phantom or andre andre andre andre yeah andre andre has like one of the best blog posts where he says bear it's like bull market bear ideas i think that's the name of it and he just basically says he's like there are there he's like i have amazing ideas for things that i want to do but it's a bull market so it's not the time to do them it's the time to go out and like be hyped and do whatever and do everything else but build he's like bear markets are great for shutting up turning off the lights and just coding till two o'clock in the morning so i think we're i think we've been busy but i i think we're looking forward to that like we did our coin list we did a bunch of stuff that happened and so i think we're sort of looking to that point where we can do a little less um or like get back to the building and like less less hyphen does the music you play reflect the market are you like extra you play like extra like bright chords what it's like these are all new guitars i smashed all of them when when the dip happened three weeks ago just just like rocking out and just just smashing it yeah it dropped below 50 i smashed one guitar you're up 40 i smashed another guitar and it's just it just went downhill really quickly which guitar do you have in the middle it looks really cool this one's uh this is just an ibanez this is just an ibanez this is a fender and that one i got at a garage sale and i we just frank right right right right because i'm looking at a i'm looking at like gretz gretz gretz gretz gretz anyways i'm looking yeah i'm looking at the guitars as well i'm i'm there i'm there at the phase where you know it's a it's it's a break in the market right i was like uh so secretly with you guys uh i was thinking of taking a break i've been making live streams every single week for like two years now so i'm like thinking okay maybe i should take a one week break off and not make any live streams uh for a week um that was coming so i was like maybe i should like you know get a guitar be like one of those guys that sits in my flag up for it or something like bing bing bing bing or i don't know that's my that's my life right but yeah uh that aside guys uh thank you guys so much for watching i think we're we're at the end now we're uh we're there uh uh thanks eric for coming up telling us covalent definitely a good resource for developers and a great ecosystem i think this will definitely power a lot that's going to happen in the blockchain side so definitely going to see that uh box fan says the washburn one washburn is the best one um i had my old guitar was that washburn actually um it wasn't bad it wasn't bad it was like it was very efficient um anyways guys uh thank you guys so much for tuning in thank you nate for coming on do you guys have any last words i guess we'll do the last words things you guys want to see any last words nate yeah man uh i'm gonna go try to buy some spot hold it down guys hold hold it down get some donuts for me okay get some donuts i'm i'm i'm missing donuts i'm i'm you know i'm a bit hungry gotta get some donuts all right uh we got eric uh any last words on your side any shout outs anything shout out to man shout out to so many people shout out to the whole shout out to every to you guys thank you so much for having me i'm really stoked to be here it's it's been great uh we'll do this again you guys are awesome big fan actually funny enough in my recommended videos before this i watched the bit connect video and i was like and i and i yeah which is you because you're the it's funny because i remember this from years ago and you were the only person who's like this thing is scuzzy this is not right like you're the only person out of every youtube like all the big youtubers who just hated on it and you were so and i was like oh man i remember thanks man i got so much hate for that too i was like i was like dude this looks exactly like you know the ponzi's of you know bitcoin trust and savings which was like the first one right one of the first pirate 40 if you've been around during those times um that collapsed in 2012 you know like but the problem was so many people had funds in big connect at that time they all hated me for it right so in the thomas section about big connect they're like oh you're an idiot you have no idea what you're talking about i had so much hate man it was uh it was insane that was but that's why i've always so yeah that's the only like thank you for doing all of this because like you've always been honest and the stuff you say is always it's it's real and i've always appreciated so that's why i'm really happy to be here honestly thanks man thanks eric thanks eric all right thanks guys so guys thank you guys so much for watching we got big connect up there man it's it's crazy i both markets are good and bad both markets like these scams do pop up and you know in many ways looking for value in this space is important and i think you know eric's talked a lot about you know the value he's delivering and i think i'm big on d5 this weekend as well so guys check up you know find real value you guys you guys have the opportunity to change the world uh i know dogs are cool but you know um you know buy a buy a dog mate like get a dog get a pet a real dog i have a dog a real dog yeah yeah yeah i have a he's in texas though uh my parents house awesome awesome but yeah so so yeah guys guys have some fun find some real value guys and we'll see you guys next time so thank you guys so much for watching i guess um the full disclaimer none of this is financial advice of course my personal opinions etc um our personal opinions anyways guys thank you all so much for watching